How Ratcliffe-on-Soar is proposed to look once it becomes a green energy hub

Five councils in the East Midlands today announced they have joined forces to create a £5bn regeneration plan across three huge sites in the region.

Nottinghamshire and Leicestershire County Councils have partnered with Broxtowe Borough, Rushcliffe Borough and North West Leicestershire District Council to fund an interim body that will eventually become the East Midlands Development Corporation (EMDC).

A business case has already been submitted to Government which outlines what the proposed EMDC believes investment at East Midlands Airport, Toton Hub, and Ratcliffe-on-Soar Power Station could deliver for the region – 84,000 new jobs, more than £4.8bn in added value and thousands of new homes.

The arrangement is thought to be the first of its kind in the UK. The EMDC will have its own team overseeing masterplanning, site enabling works and marketing to attract investors.

Councillor Nick Rushton, leader of Leicestershire County Council, said: “These are bold plans designed to transform the East Midlands and unlock thousands of much-needed new jobs and investment. And by advancing our green technology sector, they create a good opportunity to put our region firmly on the map.

“Like other areas, our economy has taken a big hit during the pandemic and I’m keen we seize every opportunity to bolster covid recovery and support our businesses to bounce back quickly.”

East Midlands Airport, which was the centre of the region’s successful Freeport bid, is earmarked for further expansion as a major logistics/business park.

Ratcliffe-on-Soar Power Station, the last of the UK’s coal-fired energy providers which is also in the Freeport Zone, would be redeveloped as a green energy research campus with a particular focus on Zero Carbon and Gigafactory manufacturing.

More than 4,500 homes have been designated for the Toton site, which borders an HS2 Hub Station close to the banks of the River Erewash. A series of green pathways will improve connectivity and there are also plans for an innovation and skills campus.

Councillor Kay Cutts, Leader of Nottinghamshire County Council, added: “We are united in our support for the proposed East Midlands Development Corporation as this our opportunity to unlock growth and create tens of thousands of new jobs to benefit generations to come.

The dramatic transformation of the land around the Toton HS2 hub

“We are asking the Government to invest in our communities as we have built a vision to attract inward investors from all over the world – for every £1 invested we will deliver £2 back.”

On Friday the business case was submitted to chancellor Rishi Sunak.

Midlands Engine Chairman Sir John Peace added: “What we have in front of us is one of the biggest opportunities the UK has ever seen to not just build on the potential of some major economic assets, but to transform the economy of an entire region in the process.

“The sites themselves are collectively the size of three London Olympic Parks and the vision for their growth is both ambitious and futuristic, embracing our net zero future and unlocking new opportunities which range from international trade to community-level growth.

“We must begin the work to unlock that potential now, and we start next month with the launch of the interim body.”